Stock market today: Live updates

U.S. stocks retreated on Friday, concluding what has been a tough week for the market.

The Dow Jones Industrial Average slid 106.58 points, or 0.31%, to close at 33,963.84. The S&P 500 shed 0.23% to 4,320.06. The Nasdaq Composite slipped 0.09% to 13,211.81.

Ford ended the day up 1.9% after a source told CNBC that the auto giant was making progress in negotiations with the striking United Auto Workers union. Stellantis also traded slightly higher, while General Motors finished lower.

Friday’s slide marked the fourth straight day of losses for the three major indexes. The losing streak came as investors reacted to a signal from the Federal Reserve that it intended to keep interest rates higher for longer.

The S&P 500 and the technology-heavy Nasdaq Composite have dropped 2.9% and 3.6% this week, respectively. That marked the third straight negative week and worst weekly performance since March for each. The blue-chip Dow slid 1.9% on the week.

Bond yields surged after the central bank forecasted one more rate hike for 2023. The benchmark 10-year Treasury yield popped to its highest level since 2007 this week. Meanwhile, the 2-year rate touched its highest level since 2006.

“That’s starting to raise some eyebrows for investors,” said Charlie Ripley, senior investment strategist at Allianz Investment Management. “Investors are getting used to these higher rate levels and what that means for risk assets going forward.”

Concern also grew around a government shutdown, which could dent consumer confidence and slow down the economy further. House Republican leaders sent the chamber into recess on Thursday.

“Investors are staring at the ground right now worried about a shutdown,” said Jamie Cox, managing partner at Harris Financial. “Markets are just sort of waiting around to see when it happens, and then trying to discount the duration of it.”